One reason the housing recovery is moving at a sluggish pace: Fewer couples are getting married.
Marriage among 25- to 29-year-olds is down to 43%, from 48% in the 1970s, according to a new report from John Burns Real Estate Consulting.
Marriage “ignites the desire to own a home,” the report said, as a double-income couple can better afford to buy one than a single adult and because starting a family increases the need for more space, a yard and a neighborhood near a good school.
A separate study by Zillow noted that while home ownership among millennials has declined, young married couples, when both partners work full-time, are buying in record numbers. But married couples with only one working spouse are not buying as many homes as they were a decade ago,the report said.